Fight against fossil fuels will cost Norway $800 billion, says report

Norway estimates that about 55% of its resources are still in the ground after discovering oil in the late 1960s

If the world went all out in its fight against fossil fuels it would cost Norway more than $800 billion, almost the same amount it has stashed in its massive sovereign wealth fund.

That’s one of the illustrations in a highly awaited report from Norway’s Climate Risk Commission released on Wednesday in Oslo. It said the value of Norway’s remaining oil and gas resources could drop to 2 trillion kroner ($233 billion) — instead of as much as 9 trillion kroner if global climate policies are kept as is.

“Ambitious international climate policies, with lower demand for fossil energy, will reduce the